The main U.S. stock market indexes were mixed between -0.4% and +0.3% yesterday, as investors hesitated following rebound from recent lows. The S&P 500 index extended its fluctuations below the level of resistance at around 1,840-1,850, marked by the December 31 all-time high of 1,849.44. On the other hand, the nearest important support is at around 1,830, marked by the December 26 daily gap up of 1,829.75-1,834.96. For now, it looks like a flat correction within the long-term uptrend. The main support remains at 1,800-1,810, marked by the November-December consolidation, as we can see on the daily chart:

Expectations before the opening of today’s session are positive, with index futures currently up 0.3%. The European stock market indexes have gained between 0.3% and 0.5%. Investors will now wait for some more economic data announcements: Challenger Job Cuts report at 7:30 a.m., Initial Claims at 8:30 a.m. However, investors eagerly await tomorrow’s monthly jobs report. The S&P 500 futures contract (CFD) broke above its recent trading range, which is a positive short-term signal. The resistance is at around 1,840-1,845, and the nearest important support is at around 1,825, as the 15-minute chart shows:

The Nasdaq 100 futures contract (CFD) trades within an ascending channel, moving away from its short-term support at around 3,500-3,520. The resistance is at 3,585, marked by the recent double top pattern:

Our intraday outlook is now bullish, and our short-term outlook remains neutral:

Intraday (next 24 hours) outlook: bullish
Short-term (next 1-2 weeks) outlook: neutral
Medium-term (next 1-3 months) outlook: neutral
Long-term outlook (next year): bullish

Thank you,
Paul Rejczak